S&P Places Russia's Rating On CreditWatch Negative

(RTTNews) - Standard & Poor's Ratings Services said it may downgrade the sovereign rating of Russia due to the rapid deterioration in monetary flexibility and the impact of the weakening economy on the financial system.

Currently, Russia has 'BBB-' rating, the lowest investment grade. The rating agency placed the 'BBB-/A-3' sovereign ratings on Russia on CreditWatch with negative implications.

This action reflects S&P's view that there is at least a one-in-two likelihood of a negative rating action within 90 days. It plans to resolve the CreditWatch placement by mid-January, S&P said.